Coca-Cola Beats Quarterly Revenue Estimates on Steady Demand

Reuters2023-04-24

April 24 (Reuters) - Coca-Cola Co beat Wall Street estimates for quarterly revenue on Monday, as demand for its sodas remained resilient in the face of multiple price increases.

A near domination of the global carbonated drinks market along with rival PepsiCo has helped Coca-Cola to raise prices with little or no pushback from consumers.

Consumer goods companies have raised prices to pass on steep commodity and raw material costs that stemmed from supply-chain snags fueled by the pandemic and aggravated by the Russia-Ukraine conflict.

Average selling prices rose 11% in the first quarter, Coca-Cola said, while unit case volumes rose 3%.

The company said net revenue rose to $10.98 billion from $10.49 billion in the first quarter, compared with analysts' average estimate of $10.80 billion, according to Refinitiv data.

Shares of the company were marginally higher in premarket trading.

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